UAVs and Ships Help Northrop Profit Rise 17%

Northrop Grumman Corp. reported second-quarter net income of $430 million, ($1.23 per share) up from $367 million, ($1 per share) for the same period a year earlier. Revenue for the Los Angeles-based defense contractor was down 2.6 percent to $7.6 billion.

Northrop, the world’s largest shipbuilder, said operating margins increased because of the company’s cost controls and a share repurchase program. A new Navy contract of $2.5 billion for construction of amphibious vehicles, plus the increased use of Unmanned Aerial Vehicles in Iraq and Afghanistan have also contributed to the increased profits.

European, Asian Operations Bolster CB Richard Ellis in 2Q


CB Richard Ellis Group Inc. reported second-quarter net income of $64.3 million, (27 cents per share) compared with $50.4 million, (22 cents) for the same period a year earlier. Revenue for the El Segundo-based real-estate services company increased 24 percent to $836.2 million.

Revenue from the company’s European operations rose 38 percent, mostly due to higher leasing activity and revenue from property appraisals. In Asia, sales surged 96 percent as the company increased its ownership percentage in its Japanese office.